Economic news: "You want fries with that?"

Newsflash..Detroit isn't making the vehicles people are buying. Okay, so maybe it's not a flash.

The dope via Marketwatch.

The big three are now GM, Toyota and Ford, in that order.

Blockquote you say? M'kay.

General Motors, currently the world's biggest carmaker, posted a 22.5% decline in light vehicle sales to 406,298 cars and trucks from 524,218 a year ago.

"I would certainly continue to stress that the industry is a bit below expectations so far this year, both in terms of sales as well as mix," said Paul Ballew, GM's top sales analyst. "But the July results showing some strength versus June are a plus, especially given the persistent headwinds we face with gas prices and higher interest rates."

Adjusted for an extra selling day this year, sales at GM fell 19.4%, mostly in line with Wall Street targets. On the car side, sales dropped 4.2% to 162,203 vehicles on an unadjusted basis, while GM saw sales of its light trucks fall 31.2% to 244,095.

There were 25 selling days in July 2006 compared with 26 in the year ago period.
The declines at DaimlerChrysler and Ford were worse than Wall Street had expected and set the stage for an industry-wide pullback after last summer's buying binge.
Analysts polled by Thomson First Call were looking for a seasonally adjusted annual sales rate (SAAR) of 17.3 million, down from 20.7 million in July of last year but an improvement from 16.3 million in June, according to industry research firm Autodata.

The final tally came in at 17.2 million, slightly below consensus targets.
DaimlerChrysler was the first to hand in its results, posting a 34% plunge from a year ago. The Chrysler side of the business, amid a new product lull ahead of several launches later this year, reported a 37% decline to 150,349 vehicles.

The luxury Mercedes-Benz division, boosted by rising demand for its light trucks, turned in a 4% rise to 21,591 vehicles.


Ford Motor Co. followed with a similar pullback to 241,339 cars and trucks, down from 366,548 a year ago. The car side turned in a decline of 7% to 89,395 while trucks plunged 43.8% to 151,944.

The flagship F-Series pickup line took a hard hit, down 45.6% to 68,982 after posting 126,905 deliveries a year ago during what Ford claimed to be the best month of sales for any vehicle in the modern era.

Oh, the mighty have fallen.

In other news, Chuck Hagel may be the only person in DC with a pragmatic approach to Middle-east policy, as he breaks ranks with BushCo.

Hagel Busts Out!

The goods:

[snip]..."The sickening slaughter on both sides must end and it must end now," Nebraska Sen. Chuck Hagel said. "President Bush must call for an immediate cease-fire. This madness must stop."..[/snip]

[snip]..."How do we realistically believe that a continuation of the systematic destruction of an American friend -- the country and people of Lebanon -- is going to enhance America's image and give us the trust and credibility to lead a lasting and sustained peace effort in the Middle East?" asked Hagel, the No. 2 Republican on the Senate Foreign Relations Committee...[/snip]

[snip]..."Our relationship with Israel is special and historic," he said. "But it need not and cannot be at the expense of our Arab and Muslim relationships. That is an irresponsible and dangerous false choice."..[/snip]

Crikey! A Washington insider with a realistic foreign policy perspective.

You want it condensed?

Okay.

US Manufacturing fucked.

Hagel on the rise.